Credit River at a glance
- Population: roughly 5,575 people; 141st of 853 places in Minnesota (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 5,508 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: population rose about 1.2% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Minnesota places: 141st by size among 853 communities (US Census Bureau).
- Size percentile: larger than about 83% of the Census places in Minnesota (US Census Bureau).
- Coordinates: 44.6708 / -93.3611, per the US Census Bureau Gazetteer.
- Nearest larger cities: Lakeville, MN (5 mi); Prior Lake, MN (5 mi); Savage, MN (6 mi); Burnsville, MN (8 mi); Shakopee, MN (9 mi); US Census Bureau population estimates.
- Nearest smaller places: Elko New Market, MN (7 mi); Lonsdale, MN (14 mi); Coates, MN (16 mi) (US Census Bureau estimates).
What a personal loan costs in Credit River
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Minnesota lending rules that apply in Credit River
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | Regulated loan license required from the commissioner for loans within the Chapter 56 threshold (Minn. Stat. § 56.01) Source says: "without first obtaining a license from the commissioner, no person shall engage in the business of making loans of money" | Minnesota Legislature, Office of the Revisor of Statutes as of 2026-09-16 |
| State lending regulator | Minnesota Department of Commerce (commissioner of commerce) Source says: ""Commissioner" means the commissioner of commerce" | Minnesota Legislature, Office of the Revisor of Statutes as of 2026-09-16 |
| Payday ability-to-repay requirement | Required for payday loans with an APR above 36% (Minn. Stat. § 47.603) Source says: "This section applies to all payday loans with an annual percentage rate that exceeds 36 percent." | Minnesota Legislature, Office of the Revisor of Statutes as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 6% per year legal rate of interest; a different rate may be contracted for in writing (Minn. Stat. § 334.01) Source says: "The interest for any legal indebtedness shall be at the rate of $6 upon $100 for a year" | Minnesota Legislature, Office of the Revisor of Statutes as of 2026-09-16 |
| Payday lending status | Legal and licensed; APR capped at 36%, or up to 50% with an ability-to-repay analysis (Minn. Stat. §§ 47.60, 47.601, 47.603) Source says: "The cap on that annual percentage rate is set at either 36%, or up to 50% if the lender conducts an ability to repay analysis" | Minnesota Department of Commerce as of 2026-09-16 |
How to compare offers in Credit River
These steps are the ones that most affect the offer you receive in Credit River:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Minnesota using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.